1. Department of Finance Goethe University Frankfurt, House of Finance Theodor‐W.‐Adorno‐Platz Frankfurt Germany
2. NBER, and The Wharton School University of Pennsylvania, 3620 Locust Walk, 3000 SH‐DH Philadelphia PA
3. School of Risk Management, Insurance, and Actuarial Science St. John's University, 101 Astor Place New York NY